Government announces full-scale modernization of economy

Next year will be a year of development and full-scale modernization of economy, said Ukrainian Prime Minister Mykola Azarov at the Cabinet’s meeting on Wednesday. Ukraine will be assisted in this effort by a financial support from Russia. Today, industrialists have received the government’s guarantees in support of production of competitive goods, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

Most funds to be received by Ukraine from Russia’s purchase of the next package of Eurobonds early next year will be used to upgrade industry. That will help maximize the benefit of agreements reached in Moscow between presidents of Ukraine and Russia. 

"There is no way we could patch up current issues with the credit funds or squander this resource away. In the first place, the loan will be used to upgrade the industrial facilities. Because, production of competitive goods on the latest production lines is the only way to ensure a long-term effect of rehabilitation and development of the national economy," Azarov said. 

The prime minister emphasized that there will be no investment in  businesses which don’t have justified modernization plans. "Today, the government is ready to help the manufacturers of competitive products, and it will not support those who squanders resources. Our economy is not going to work the old way. It is not an administrative order, but a hard dictate of the markets", he said.

Also, on Dec. 25, 2013, Prime Minister held a teleconference "Ukrainian Industry: Realities and Prospects" with Deputy Prime Minister Oleksandr Vilkul and Deputy Prime Minister Yuri Boyko. Kyiv was on a direct line with representatives of large industrial business in Kharkov, Zaporozhe, Sumy, and Kirovograd region, in all strategic sectors of Ukrainian economy (machine building, aerospace industry, instrumentation, metallurgy, chemical industry, nuclear energy, agro-industrial complex, and food industry).